SINGAPORE (Mar 13): From March 17, the Monetary Authority of Singapore (MAS) and the Singapore Police Force’s (SPF) Commercial Affairs Department (CAD) will extend their Joint Investigations Arrangement to cover all offences under the Securities and Futures Act (SFA) and Financial Advisers Act (FAA).

The CAD-MAS Joint Investigations Arrangement was established in March 2015 for both agencies to collaborate on the co-investigation of market misconduct offences, such as market manipulation and insider trading activities.

Three convictions have been made under these joint investigations to date. These are namely Dennis Tey, for employing a scheme to defraud two providers of contract for differences; Alan Tay, for insider trading in the shares of Qualitas Medical Group and Leeden; and most recently, Mok Piak Liang, for the false trading in the shares of Wilton Resources Corp.  

See: Second conviction for market misconduct under joint investigations by MAS with CAD

Several other cases – including those involved in the manipulation of shares in Blumont Group, Asiasons Capital and LionGold Corp – have presented before the courts under the joint investigations as well.

See: Court denies bail for John Soh; cites flight risk and danger of witness tampering

In a joint announcement between MAS and SPF on Tuesday, the two parties say the extended coverage of the Joint Investigations Arrangement will allow for greater efficiency and more effective enforcement of capital markets and financial advisory offences.  

“This arrangement will allow both agencies to consolidate their investigative resources and expertise and further improve the overall effectiveness of market misconduct investigations,” say MAS and SPF.